Further Vindication!!->Diversinet Corp. Receives NASDAQ Delisting Notice
TORONTO--(BUSINESS WIRE)--Sept. 23, 2002--Diversinet Corp. (NASDAQ:DVNT), a leading provider of mobile commerce (m-commerce) security infrastructure solutions, today announced that The NASDAQ Stock Market, Inc. has notified the Company that its common stock fails to comply with the $1.00 minimum bid price requirement for continued listing pursuant to Marketplace Rule 4310(C)(4).
Diversinet also does not currently satisfy Marketplace Rule 4310(C)(8)(D), which requires the Company to have a minimum of $5,000,000 in stockholders' equity, $50,000,000 market value of listed securities, or $750,000 net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years. Its common stock is, therefore, subject to delisting from The NASDAQ SmallCap Market at the opening of business on September 25, 2002. However, as a result of the Company having requested a hearing before a NASDAQ Listing Qualifications Panel to review the Staff determination, the scheduled delisting will be stayed and the Company's common stock will continue to be traded on NASDAQ, pending the panel's decision. The hearing date has not been set and is yet to be determined by NASDAQ. Furthermore, there can be no assurance the Listing Qualifications Panel will be persuaded to change the Staff's determination.
About Diversinet Corp.
Diversinet is a leading developer of advanced wireless security software, enabling mobile e-commerce (m-commerce) services with its wireless security infrastructure solutions. Diversinet's client/server security software facilitates digital signatures, authentication and encryption with PKI products specifically designed to perform optimally in wireless environments and devices. In October of 2001, Diversinet enabled the launch of the first public Certification Authority in the world to offer mobile individual and business digital certificates for consumer use. For more information on Diversinet, visit the company's web site at www.diversinet.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future revenues of the company and success of current product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission.
CONTACT:
Diversinet Corp.
Sandra Lemaitre, 416/756-2324, ext. 324
pr@diversinet.com
SOURCE: Diversinet Corp.
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09/23/2002 16:40 EASTERN |
